Cryptocurrency Market worth $1.40 billion by 2024

According to the market research report on "Cryptocurrency Market by Offering (Hardware: GPU, FPGA, ASIC, & Wallet, and Software), Process (Mining and Transaction), Type, Application (Trading, Remittance, Payment: Peer-to-Peer Payment, Ecommerce, and Retail), and Geography - Global Forecast to 2024", The cryptocurrency market is projected to reach USD 1.40 billion by 2024, at a CAGR of 6.18% during the forecast period. Major drivers for market growth are the transparency of distributed ledger technology, high remittances in developing countries, high cost of cross-border remittance, fluctuations in monetary regulations, and growth in venture capital investments. The major factors restraining the growth of the market are uncertain regulatory status, lack of awareness and technical understanding regarding cryptocurrency.

Hardware market for cryptocurrency to hold largest market during forecast period

The hardware market is expected to hold the largest share for cryptocurrency. The need to run and validate huge cryptocurrencies transactions, in turn, creates a need for mining hardware in the cryptocurrency market. These factors help drive the growth of the market for hardware. Recently, major hardware vendors, such as NVIDIA, Intel, and AMD, have started offering mining hardware. Moreover, many start-ups such as Bitfury, GateHub, and Bitmine provide application-specific hardware solutions for cryptocurrency mining.

Peer-to-peer payment to grow at highest CAGR during forecast period

Of all the types of payment application, the peer-to-peer expected to grow at the highest CAGR in the cryptocurrency market. Recently, the value of cryptocoins has surged. Its adoption has grown owing to the growing awareness toward cryptocurrency, especially for payments related to small contracts, salaries, and donations. This would help drive the growth of the market for peer-to-peer payment at the highest CAGR during the forecast period.

APAC to hold largest market share; RoW to witness highest growth rate

APAC is expected to hold the largest share and dominate the cryptocurrency market from 2019 to 2024. This is attributed to the low cost of electricity in China and early adoption of cryptocurrency in Japan. China is the largest market among all APAC countries. Owing to the low cost of electricity, ideal weather conditions, presence of big mining companies, such Bitmain, Canaan Creative CO., LTD, and Ebang Communication, and availability of venture capital funding, the market in APAC is expected to be the largest for cryptocurrency.

The cryptocurrency market in RoW is projected to grow at the highest CAGR during the forecast period. Cryptocurrencies are not specifically regulated; however, they are increasingly being used in RoW. The cryptocurrency market remains unregulated in Brazil. For instance, under Decree 3196 of December 8, 2017, the government of Venezuela was authorized to create its own cryptocurrency, the Petro, which would be physically backed by Venezuelan barrels of oil. All cryptocurrencies are considered a financial asset subject to the rules applicable to such assets under Decree 3196, and none of its provisions declare them illegal.

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